Die Finanzierungsstruktur Der Unternehmen Und Deren Reaktion Auf Montäre Impulse: Eine Analyse Anhand Der Unternehmensbilanzstatistik Der Deutschen Bundesbank

72 Pages Posted: 7 Jun 2016

Date Written: 1996

Abstract

The traditional monetary policy transmission mechanism is based on the fact that, in the wake of a restrictive monetary policy stance, the interest rate rises and that therefore interest-rate-related variables, such as corporate asset formation, decline or increase less sharply than at the given interest rate. For some years now economists - especially in the Anglo-Saxon countries - have been discussing the credit channel approach, which embraces the credit suppIy as well as the interest rate channel. A crucial factor in this context is that information between the lender and the borrower is asymmetric. This primarily affects small enterprises, whose creditworthiness is, as a rule, not as good as that of large firms and which are heavily reliant on bank credit. The credit channel theory states that, for small enterprises, a stricter monetary policy stance results in a higher cost of borrowed funds than for larger enterprises or even in credit rationing. The result is that this group of enterprises cuts its asset formation particularly sharply ...

Suggested Citation

Stoess, Elmar, Die Finanzierungsstruktur Der Unternehmen Und Deren Reaktion Auf Montäre Impulse: Eine Analyse Anhand Der Unternehmensbilanzstatistik Der Deutschen Bundesbank (1996). Bundesbank Series 1 Discussion Paper No. 1996,09. Available at SSRN: https://ssrn.com/abstract=2785790

Elmar Stoess (Contact Author)

Deutsche Bundesbank ( email )

Wilhelm-Epstein-Str. 14
P.O.B. 10 06 02
D-60431 Frankfurt/Main
Germany

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